Landmark Apartment Trust of America Inc. is buying Elco Landmark Residential Holdings LLC’s management operations for $30 million.
Landmark is acquiring certain property management contracts through the deal and assuming some liabilities. The deal is part of the company’s overall growth strategy, which began when it recapitalized in August.
Landmark is a Richmond, Va.-based real estate investment trust (REIT) that owns and operates more than 10,000 apartment units in the southern U.S.
Elco, headquartered in Tampa, Fla., operates rental apartments in the southeast U.S.